I personally go by the "grubby little hands" philosophy with regard to mediums of exchange.Originally Posted by stoneFree
Hold derivatives in public vehicles.
I personally go by the "grubby little hands" philosophy with regard to mediums of exchange.
Hold derivatives in public vehicles.
Update: Bitcoins are now trading between $14 -15 USD each. Last month the crypto-currency was tested when 2 large thefts/attacks of bitcoin wallets occurred. The thief attempted to unload them at the largest exchange, MtGox, which caused the site to go offline for awhile. All appears back to normal now. Bitcoin is growing in popularity & receives regular press. A good site to stay on top of it all is: http://bitcoinwatch.com
MINING
I did setup a bitcoin mining rig but had to summon all my powers of geek to do it. It's running Ubuntu linux operating system and pic shows the ATI Radeon HD 5970 graphics card (GPU) removed. That's the key component. It hashes at about 700Mh/s, enough to initially net me about 1 bitcoin per day (mining in a pool with other miners), but mining difficulty (resets every 2 weeks) has risen to where I now mine about 1/2 a bitcoin per day.
I've sold several items in return for bitcoin and purchased a bunch with it too, even web services. http://data.memorydealers.com/Pictur..._BILLBOARD.jpg
That is pretty cool !!
If you are really serious about mining, I would setup a cluster of servers configured as a compute cluster.
A cluster of Intel i7 processors would rip.
If we wanted to go cheap, AMDs would work great.
Do you know what portion processing bitcoin would tax the most say FPU?
Shika, my miner has a Intel i7 CPU but when I ticked the "generate coins" box on the client I got about 5Mh/s. Using one of the custom CPU-mining apps you could probably double or triple that but notice that's still pathetically lower than the 700Mh/s my overclocked video card puts out. In fact, the latest bitcoin client (0.3.24) includes no "generate" option in recognition that custom mining apps now far surpass client CPU mining.
This should answer most of your mining questions: https://en.bitcoin.it/wiki/Category:Mining
The quick answer is GPUs are far faster than CPUs at SHA-256 hashing. GPUs are built to quickly render a moving 3-dimensional world on your 2-D screen, a simulation, which requires lots of simultaneous calculations (I will admit to some 3D gaming in my day). BTW, these hi-end graphics cards are hard to find cheap anymore - the miners are buying them up.
Oh there's a guy out there with a killer rack setup - I should find the link for ya.
Here it is, 48Gh/s baby! http://www.youtube.com/user/diversionhobbies
Last edited by stoneFree; 07-11-11 at 07:22 PM.
My inner nerd is pleased...LOL
Quatloos.com has an OPEN FORUM/THREAD for new topics (password is dollar). Typically an admin will then move the new thread to an appropriate forum.
I started a new thread there about BITCOIN. It contained a link to this article: Why Bitcoin isn't a security under federal securities law. I noticed the thread did not move and was eventually deleted.
Quatloos leadership seems fearful of bitcoin. I think this reinforces my theory that Quatloos is aligned with the banking cartel. Bitcoin transactions not only bypass our central bank (Federal Reserve), they bypass banks altogether. I don't think there's anything a Quatloser will more staunchly defend than central banking & the bankster's system of wealth extraction as collected by the IRS.
Last edited by JohnnyCash; 08-14-11 at 06:46 PM.
I think you are kind to Quatlosers.
About Bitcoin; now I am more curious than ever! I have really got to find some time to open an account.
Today my daughter asked "is mining bitcoins like printing money?"
"Yes."
"Is that legal?"
"Yes. It's like growing pumpkins. You can sell them or exchange them for other valuable things."
Had a brief setback when my video card fan started groaning horribly & failed. Had it replaced under warranty and all is well now. Possibly these GPU cards weren't designed to run overclocked @ full load 24/7 with the fan at 70%.
After a run-up to over $30, bitcoins have settled down and now exchange for about $5 USD each. Many bitcoin related sites have come under attack - of course thieves will exploit any vulnerabilities in anything money related but the crypto-currency marches right along. I would not be surprised to learn some of these attacks originate in the banking cartel.
As for anonymity, out of the box bitcoin transactions are more anonymous than your average credit card transaction. But for true anonymity additional steps are required.
http://mndrix.blogspot.com/2011/09/e...-bitcoins.html
In one of Bob Chapman's recent interviews [need link] he mentioned attacks against his International Forecaster site and that the source of the attacks were traced to . . . . Bank of America!
And here in this video SGTbull shows how he traced the source of multiple hate-filled messages to IP addresses owned by . . . . Bank of America!
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